A: A trust is an entity which holds assets, managed by a trustee, for the benefit of a beneficiary.
A: Establishing a trust during your lifetime utilizing a living trust, also referred to as an inter vivos trust, if properly funded by transferring assets into it, will assist in eliminating the need for administration of a person's estate. The key to utilizing an inter vivos trust is ensuring all of your assets have either been transferred into the trust prior death or that you utilize a will that transfers assets at death into the trust by the use of a "pour over provision."
A: Provided that your trust is "revocable," the person establishing the trust generally has the authority during their lifetime to modify, amend or revoke the inter vivos trust. In most circumstances, once the person establishing the trust referred to as the "grantor" passes away, the trust then becomes irrevocable and may not be changed or eliminated without a court order.
A: A trust is funded by naming the trust as owner of a particular asset. For real estate this involves deeding the real estate from the current owner to the trustee of the trust. For bank accounts, it involves transferring the named owner of bank account or investment into the name of the trustee on behalf of the trust. For life insurance policies, certificate of deposits or other documents that allow for the naming of a beneficiary, this involves naming the trust as the beneficiary under such circumstances.